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218 Kimmswick Road Charlotte, NC 28214

4 Beds 2 Baths 1,701 sqft Built 1959

$265,000

List Price

$1,390

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1959
  • Price/Sqft : $155.79
  • 2 Days on Market
  • MLS # : 3698000
  • Updated Date : 01/16/2021 at 00:37
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,701 sqft
  • Baths : 2 full
Listing Agent

Gr8realty4u Inc

Listing Agent's Description

This mid century modern ranch is situated on over half an acre with mature trees! Floorplan is open and bright with Laminate wood floors throughout, updated kitchen and baths. Sunroom is located through French doors off the Great Room and is 26 x10 with an adjoining deck that is 26 X 9. Split AC systems, one for each level, have been replaced, basement in 2017 and main level in 2020. Entire basement is heated, even the garage. Out the backdoor onto a second deck (16x10) overlooking the fenced backyard. Two sheds convey with this property, shed one is 16 x 14 and shed two is 16 x 12. Owner did many updates in the past four years and had plans of many more when her health failed. Work still to do, but it was considered when pricing the home. So much more potential and with No HOA! This is an estate and will be sold "As Is", Seller's will make no repairs. Please follow all COVID 19 guidelines/procedures with limited touching of interior surfaces. masks & hand sanitizer available.

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MARKET HIGHLIGHTS

  • Corporate Fortune 500 headquarters: Bank of America, Lowe’s, Duke Energy, Nucor, Family Dollar Stores, Sonic Automotive, Domtar
  • #3 fastest-growing big city in US with more than 15,000 people added in 2017 (US Census, 2018)
  • Charlotte metro has 65.8% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)
  • Charlotte attracted more than $325 million in capital investments in 2018Q2 (Meckelenburg county, June 2018)
  • Charlotte metro's economy is worth $181 billion in Gross Metro Product and projected to grow to $192 billion in 2019 (USMayors.org, 2018)
  • #1 Millenial Moving destination city (Smart Asset)

PRICE & RENT TRENDS

Neighborhood: Coulwood West

NeighborhoodNIR Market*CityMarket2010Year20002019110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $104k235k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Coulwood West

NeighborhoodNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350140014501500Rent in $7871518

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Paw Creek Elementary School Primary Regular 530 37 5
Coulwood Middle School Middle Regular 694 45 7
West Mecklenburg High School High Regular 2,040 108 1

Paw Creek Elementary School

  • Education Level: Primary
  • # of students: 530
  • # of teachers: 37
5
GreatSchools Rating

Coulwood Middle School

  • Education Level: Middle
  • # of students: 694
  • # of teachers: 45
7
GreatSchools Rating

West Mecklenburg High School

  • Education Level: High
  • # of students: 2,040
  • # of teachers: 108
1
GreatSchools Rating
 

$238,500$291,500$265,000

PURCHASE PRICE

$1,251$1,529$1,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,390
EXPENSES Loan Payment -$920
Property Tax -$231
Property Insurance -$59
Property Management Fees -$119
CASH FLOW
$60

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$265,000

PROJECTED PRICE

$1,390

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 8.1%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$75,975

INVESTMENT

$75,975

Down Payment
$66,250
Rehab Estimate
$5,750
Closing Costs
$3,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$920

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $66,250
Loan Amount $198,750
See What Happens When You Reinvest Cash Flow

6.25

YEARS SAVED

$18,964

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $1,390

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,369

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,3903$1,4004$1,4505$1,650
$1,650
RENT COMPS ANALYSIS
  • 218 Kimmswick Road Charlotte, NC 2
    • 4 beds 2 baths ∙ 1,701 Sqft ∙ Built 1959 4 beds 2 baths ∙ 1,701 Sqft ∙ Built 1959
    • Rent
    • Rent Per SQFT
    •  
    • $1,390
    • $0.82
    •  
  • 215 Mellwood Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,566 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,566 Sqft ∙ Built 1955
    LEASED 09/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.77
    •  
  • 154 Kensett Avenue Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,900 Sqft ∙ Built 3 beds 2 baths ∙ 1,900 Sqft ∙ Built
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.74
    •  
  • 1158 Delander Lane Charlotte, NC 4
    • 4 beds 3 baths ∙ 1,756 Sqft ∙ Built 2006 4 beds 3 baths ∙ 1,756 Sqft ∙ Built 2006
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.83
    •  
  • 350 Waycross Drive Charlotte, NC 5
    • 4 beds 3 baths ∙ 1,884 Sqft ∙ Built 1965 4 beds 3 baths ∙ 1,884 Sqft ∙ Built 1965
    LEASED 06/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.88
    •  
PROPERTY LISTING DETAILS
Mark Mcclain
1.704.506.6751
Gr8realty4u Inc
BESbswy